A consortium of ten major European banks, including ING, UniCredit, and BNP Paribas, has announced the launch of Qivalis, a euro-backed stablecoin initiative. The project, headquartered in Amsterdam, plans to apply for an Electronic Money Institution (EMI) license from the Dutch central bank, targeting a market launch in the latter half of 2026, subject to regulatory approval. Qivalis aims to modernize Europe's payment infrastructure and reduce dependency on US dollar-based stablecoins. The stablecoin will be interoperable with existing banking systems and is led by a former Coinbase executive. The company plans to expand its team to 45–50 employees within the next 18–24 months.